[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7123 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7123

 To amend the Internal Revenue Code of 1986 to increase the limitation 
       on the capital loss carryovers of individuals to $20,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 2008

   Mr. Kirk introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
       on the capital loss carryovers of individuals to $20,000.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Middle Class Investor Relief Act''.

SEC. 2. LIMITATION ON CAPITAL LOSS CARRYOVERS OF INDIVIDUALS INCREASED 
              TO $20,000.

    (a) In General.--Paragraph (1) of section 1211(b) of the Internal 
Revenue Code of 1986 (relating to limitation on capital losses) is 
amended to read as follows:
            ``(1) $20,000 ($10,000 in the case of a married individual 
        filing a separate return), or''.
    (b) Effective Date.--The amendment made by this section shall apply 
to capital losses arising in taxable years ending after the date of the 
enactment of this Act.
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